Lincoln Property Company and Pegasus Partners Commence Construction of an 18-Story Luxury Multifamily Development in Hoboken, New Jersey

HOBOKEN, N.J. - September 21, 2026 - Lincoln Property Company ("Lincoln"), a global full-service real estate firm, in partnership with Pegasus Partners LLC ("Pegasus"), a Hoboken-based real estate owner-operator, broke ground on 1300 Jefferson Street, an 18-story luxury multifamily development in Hoboken, N.J.

Lincoln and Pegasus capitalized the project by securing an equity commitment from Pacific Life and a construction loan from Truist, two blue-chip institutions whose participation underscores the strength of the Hoboken market and the quality of the project. JLL advised on the debt and equity placement.

Located 1.5 miles from Midtown Manhattan in a transit-oriented, supply-constrained market, the mixed-use project will deliver 357 luxury residences and 24,000 square feet of retail at completion. The development will also create 37 affordable housing units, including 20 on-site residences and an additional 17 units supported through a contribution to veterans housing in Hoboken.

The project represents the culmination of 14 years of entitlement work led by Pegasus to transform a formerly industrial area in northwest Hoboken into a modern mixed-use and residential neighborhood. Lincoln joined the project in 2024 as co-general partner and development manager, pairing Pegasus' local market knowledge and entitlement leadership with Lincoln's national development platform, institutional relationships, and execution expertise to support the capitalization and delivery of a project of this scale.

"After more than a decade of work, this milestone moves our long-envisioned plan for northwest Hoboken into construction," said Mark Luis Villamar, Co-Founder of Pegasus Partners. "With Lincoln's partnership, we can deliver a development that will serve the community for generations."

"1300 Jefferson exemplifies the local partnerships Lincoln welcomes in high barrier-to-entry markets, pairing Pegasus Partners' local fluency with our national development platform," said Jared Toothman, Executive Vice President, Market Leader at Lincoln. "We are proud to partner with Pegasus to deliver quality housing that Hoboken and the New York metro area desperately need."

The partnership also reflects a repeatable co-GP model for Lincoln, working alongside local developers with entitled land to provide the scale, capital relationships and execution capabilities needed to bring high-quality projects in constrained markets to life. Lincoln and Pegasus plan thousands of additional apartments along the New Jersey "Gold Coast" in the coming years.

A ceremonial groundbreaking was held on September 18, 2026, with representatives from Lincoln, Pegasus Partners and the City of Hoboken in attendance.

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About Lincoln Property Company
Lincoln Property Company ("Lincoln") is one of the largest private real estate firms in the United States. Offering a fully integrated platform of real estate services and innovative solutions to owners, investors, lenders, and occupiers, Lincoln supports the entire real estate lifecycle across asset types, including multifamily, industrial, office, retail, data center, production studio, healthcare, government, higher education, sports and entertainment, life science, and mixed-use properties, throughout the United States, the United Kingdom, and Europe. Lincoln's combined management and leasing portfolio on behalf of institutional clients includes more than 720 million square feet of commercial space. For more information, visit: www.lpc.com.

About Pegasus Partners
Pegasus Partners is a Hoboken-based real estate owner, operator and developer, co-owned by Mark Luis Villamar and Hany Ahmed, with deep ties to the community, city leadership, business owners, and our neighbors. These connections ensure each development is inventive and serves the needs of the local community. Combining over 50 years of industry experience, our innovative projects have pioneered development in Hoboken and Jersey City neighborhoods. The difference we offer partners is anticipating what is going to happen next instead of focusing on what is happening now.